The global market bullish sentiment drops ahead of Fed Chair Jerome Powell’s speech at the Regulatory Capital Framework Conference on Tuesday. Top crypto Bitcoin (BTC), Ethereum (ETH), and XRP advanced marginally higher amid high interest in altcoins, with the crypto market cap advancing towards $4 trillion milestone.
Fed Chair Jerome Powell reiterated a hawkish stance on monetary policy, sidelining interest rate cuts due to tariffs-induced inflationary pressure. As Trump looks for key contenders to replace Powell, the FOMC could decide to cut rates in September. As per the CME FedWatch Tool, the U.S. Federal Reserve could cut interest rates by 50 bps this year, starting in September.
Bitcoin price resumes upside move above $119,200 today. The market is dominated by bullish sentiment, but the bulls lack aggression, as per CryptoQuant data. This happened as Bitcoin dominance dropped to 59%.
Ethereum price surges above $3,800 on Asian flows, treasury demand and DeFi revival, reported Matrixport. Also, strong spot ETH ETF inflows for consecutive weeks supporting a rally in ETH price, especially amid the shift towards altcoins.
Google Search for altcoins is skyrocketing, surpassing November highs. These factors could potentially trigger ETH to hit $5,000 in the coming weeks. Analysts predicted Ethereum price to hit $10,000 as Joseph Lubin-backed SharpLink Gaming expands ETH treasury to over $1 billion.
Meanwhile, XRP price jumped 4% over the last 24 hours, with the price trading at $3.55 amid strong buying activity. GENIUS Act will boost RLUSD stablecoin adoption further, growing investor interest in XRP.
In the daily timeframe, XRP technical chart would confirm a “golden cross” pattern formation. This could push XRP price rally to $5 amid liquidity and trading volume support.
Also Read: XRP ETF Approval Odds Jump to 86% After ProShares ETF Launch
